EX-99 4 financials.txt (B) FINANCIAL INFORMATION - 12/31/02 BOK FINANCIAL CORPORATION 22-Jan-03 (In thousands, except ratio and per share data) 11:09 AM Period End Balances Average Balances December 31, Quarter Ended December 31, ---------------------------------- --------------------------------------- BALANCE SHEETS 2002 2001 2002 2001 -------------- ---------------- ---------------- ----------------- ASSETS Cash and due from banks $ 604,680 $ 643,938 $ 469,227 $ 436,678 Trading securities 5,110 10,327 8,639 22,508 Funds sold 19,535 3,400 24,856 14,362 Securities: Available for sale 3,933,343 3,449,549 4,007,777 3,174,362 Held for investment 197,950 241,113 211,100 242,003 -------------- ---------------- ---------------- ----------------- Total securities 4,131,293 3,690,662 4,218,877 3,416,365 Loans: Commercial 3,989,798 3,674,750 3,909,155 3,620,370 Commercial real estate 1,435,838 1,341,775 1,406,816 1,321,968 Residential mortgage 1,063,180 869,173 1,041,691 856,085 Consumer 412,167 409,680 403,836 405,089 -------------- ---------------- ---------------- ----------------- Total loans 6,900,983 6,295,378 6,761,498 6,203,512 Less allowance for loan losses (116,070) (101,905) (114,711) (99,541) -------------- ---------------- ---------------- ----------------- Total loans, net 6,784,913 6,193,473 6,646,787 6,103,971 Premises and equipment 151,715 141,425 149,230 139,804 Accrued revenue receivable 72,018 68,728 63,217 63,003 Intangible assets, net 197,868 152,076 184,165 154,511 Mortgage servicing rights 37,288 98,796 43,369 84,448 Real estate and other repossessed assets 6,719 7,141 6,764 8,270 Bankers' acceptances 3,728 15,393 12,453 21,882 Other assets 164,783 116,243 104,335 115,647 -------------- ---------------- ---------------- ----------------- TOTAL ASSETS $ 12,179,650 $ 11,141,602 $ 11,931,919 $ 10,581,449 ============== ================ ================ ================= LIABILITIES AND EQUITY CAPITAL Deposits: Demand $ 1,531,694 $ 1,366,690 $ 1,310,932 $ 1,150,498 Interest-bearing transaction 3,164,102 2,559,714 2,988,986 2,429,978 Savings 164,738 158,234 173,286 158,040 Time deposits 3,267,991 2,821,106 3,248,364 2,839,770 -------------- ---------------- ---------------- ----------------- Total deposits 8,128,525 6,905,744 7,721,568 6,578,286 Federal funds purchased and repurchase agreements 1,567,686 1,601,989 1,523,923 1,701,655 Other borrowed funds 1,088,022 1,220,948 1,084,616 1,088,792 Subordinated debenture 155,419 186,302 169,874 186,409 Net amount due (receivable) on unsettled security transactions (65,395) 231,660 194,097 2,518 Accrued interest, taxes, and expenses 74,043 67,014 81,572 86,393 Bankers' acceptances 3,728 15,393 12,453 21,882 Other liabilities 134,065 84,069 92,082 80,230 -------------- ---------------- ---------------- ----------------- TOTAL LIABILITIES 11,086,093 10,313,119 10,880,185 9,746,165 Equity Capital: Stockholders' equity 1,050,469 822,691 1,011,288 803,557 Unrealized securities gains (losses) 43,088 5,792 40,446 31,727 -------------- ---------------- ---------------- ----------------- TOTAL EQUITY CAPITAL 1,093,557 828,483 1,051,734 835,284 -------------- ---------------- ---------------- ----------------- TOTAL LIABILITIES AND EQUITY CAPITAL $ 12,179,650 $ 11,141,602 $ 11,931,919 $ 10,581,449 ============== ================ ================ =================
For the Quarters Ended For the Twelve Months Ended ----------------------------------- --------------------------------------- December 31, December 31, ----------------------------------- --------------------------------------- STATEMENTS OF EARNINGS 2002 2001 2002 2001 -------------- ---------------- ---------------- ----------------- Interest revenue $ 143,756 $ 148,222 $ 574,913 $ 654,633 Interest expense 49,472 60,503 206,712 325,681 -------------- ---------------- ---------------- ----------------- Net interest revenue 94,284 87,719 368,201 328,952 Provision for loan losses 10,001 10,517 33,730 37,610 -------------- ---------------- ---------------- ----------------- Net interest revenue after provision for loan losses 84,283 77,202 334,471 291,342 Other operating revenue Brokerage and trading revenue 6,725 5,226 24,450 19,644 Transaction card revenue 13,973 11,489 53,552 44,481 Trust fees and commissions 9,813 9,740 40,092 40,567 Service charges and fees on deposit accounts 18,991 13,741 67,632 51,284 Mortgage banking revenue, net 14,943 14,923 48,910 50,155 Leasing revenue 826 915 3,330 3,745 Other revenue 4,431 5,578 20,276 20,087 -------------- ---------------- ---------------- ----------------- Total fees and commissions 69,702 61,612 258,242 229,963 Gain on sale of assets 30 18 1,157 557 Gain (loss) on sales of securities, net 10,342 (3,770) 58,704 30,640 Gain (loss) on derivatives 665 (3,300) 5,894 (4,062) -------------- ---------------- ---------------- ----------------- Total other operating revenue 80,739 54,560 323,997 257,098 Other operating expense Personnel 50,134 42,575 183,314 163,835 Business promotion 2,798 2,798 11,367 10,658 Professional fees and services 3,531 4,189 12,987 13,391 Net occupancy & equipment 11,130 10,637 42,347 42,764 Data processing & communications 13,459 10,486 47,251 40,013 FDIC and other insurance 513 388 1,903 1,717 Printing, postage and supplies 3,418 3,132 12,665 12,329 Net gains and operating expenses on repossessed assets 203 239 1,014 1,401 Amortization of intangible assets 2,002 5,014 7,638 20,113 Mortgage banking costs 14,488 9,512 42,271 30,261 Provision for impairment of mortgage servicing rights (1,615) (8,861) 45,923 15,551 Other expense 4,932 4,692 16,957 16,729 -------------- ---------------- ---------------- ----------------- Total other operating expense 104,993 84,801 425,637 368,762 Income before taxes 60,029 46,961 232,831 179,678 Federal and state income taxes 21,250 16,829 82,422 63,612 -------------- ---------------- ---------------- ----------------- Income before cumulative effect of a change in accounting principle, net of tax 38,779 30,132 150,409 116,066 Transition adjustment of adoption of FAS 133 - - - 236 -------------- ---------------- ---------------- ----------------- NET INCOME $ 38,779 $ 30,132 $ 150,409 $ 116,302 ============== ================ ================ =================
For the Quarters Ended For the Twelve Months Ended ----------------------------------- --------------------------------------- December 31, December 31, ----------------------------------- --------------------------------------- FINANCIAL DATA 2002 2001 2002 2001 -------------- ---------------- ---------------- ----------------- Capital: Average equity $ 1,051,734 $ 835,284 $ 935,853 $ 778,844 Period-end equity $ 1,093,557 $ 828,483 $ 1,093,557 $ 828,483 Risk-based capital ratios: Tier 1 9.04% 8.08% Total capital 12.03% 11.56% Leverage ratio 6.88% 6.38% Common stock: Book value per share $ 19.86 $ 15.71 ============== ================ Basic earnings per share $ 0.70 $ 0.56 $ 2.79 $ 2.18 ============== ================ ======================================= Diluted earnings per share $ 0.63 $ 0.50 $ 2.48 $ 1.95 ============== ================ ======================================= Proforma effect of FAS 142 and 147 implementation on diluted earnings per share in prior years - $ 0.53 - $ 2.06 ============== ================ ================ ================= Average shares outstanding: Basic 54,507,223 52,720,771 53,341,294 52,550,525 Diluted 61,904,650 59,995,980 60,636,863 59,724,364 Key ratios: Return on average assets 1.29% 1.13% 1.33% 1.14% Return on average equity 14.63% 14.31% 16.07% 14.93% Net interest margin 3.55% 3.72% 3.70% 3.66% Credit Quality: Nonperforming assets: Nonaccrual loans $ 49,855 $ 43,540 Real estate and other repossessed assets 6,719 7,141 Renegotiated loans - 27 -------------- ---------------- Total nonperforming assets $ 56,574 $ 50,708 ============== ================ 90-day past due and restructured loans $ 8,117 $ 8,108 ============== ================ Gross charge-offs $ 7,877 $ 5,960 $ 25,905 $ 25,248 Recoveries 1,356 1,297 4,976 4,588 -------------- ---------------- ---------------- ----------------- Net charge-offs (recoveries) $ 6,521 $ 4,663 $ 20,929 $ $ 20,660 ============== ================ ================ ================= Key ratios: Reserve for loan losses to period end loans (1) 1.72% 1.66% Nonperforming assets to period end loans (1) and repossessed assets 0.84% 0.83% Net charge-offs (annualized) to average loans (1) 0.39% 0.31% 0.33% 0.35% Reserve for loan losses to nonperforming loans 232.82% 233.90% (1) Excluding residential mortgage loans held for sale.
For the Quarters Ended For the Twelve Months Ended ---------------------------------- --------------------------------------- December 31, December 31, ---------------------------------- --------------------------------------- 2002 2001 2002 2001 -------------- ---------------- ---------------- ----------------- Other Data: Average earning assets $ 10,899,159 $ 9,557,206 $ 10,286,933 $ 9,201,031 Average total assets $ 11,931,919 $ 10,581,449 $ 11,290,525 $ 10,239,411 Average equity $ 1,051,734 $ 835,284 $ 935,853 $ 778,844 Average loans $ 6,761,498 $ 6,203,512 $ 6,401,510 $ 5,989,224 Loans held for sale (Period end) $ 133,421 $ 166,093 $ 133,421 $ 166,093 Loans held for sale (Average) $ 141,111 $ 121,693 $ 108,481 $ 91,089 Proforma net income with FAS 142 and 147 on prior years n/a $ 31,795 n/a $ 122,910 Tax equivalent adjustment $ 1,404 $ 1,802 $ 6,119 $ 8,045 Preferred stock dividends - BOKF $ 375 $ 375 $ 1,500 $ 1,500 Period end common shares O/S 55,066,629 52,731,791 55,066,629 52,731,791 Period end fully diluted shares 62,464,056 60,007,000 62,464,056 60,007,000 Number of days in period 92 92 365 365 Tangible Book Value per Share $ 16.27 $ 12.83 ============== ================ Mortgage Banking: Mortgage servicing portfolio $ 5,411,297 $ 6,276,101 Mortgage loan fundings during quarter $ 407,167 $ 359,685 Mortgage loan refinances to total fundings 72.86% 66.62% Trust Assets $ 17,141,301 $ 18,216,179